QuickBooks is the most popular small business accounting software businesses use to manage income and expenses and keep track of the financial health of their business. You can use it for invoicing customers, paying bills, generating reports, and preparing taxes. The QuickBooks product line includes several solutions that work great for anyone, from a freelancer…
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What Is a Workers’ Compensation Dividend Plan?
A workers’ compensation dividend plan, also known as a workers’ comp participating plan, is a policy that allows employers to take part in the profits earned by their insurers. At their core, dividend plans reward employers for having fewer claims. Many employers choose dividend plans to save on their workers’ compensation insurance. How Workers’ Compensation…
Call Forwarding: What It Is & How to Use It
Call forwarding is a business phone system feature that enables you to redirect incoming calls to another number. Small businesses may want all the phones to ring (e.g., office, home, and personal mobile) to guarantee customers get lightning-quick customer service, or a business may wish to use local area codes to give its brand a…
What Is a Workers’ Comp Ghost Policy?
A workers’ comp ghost policy is purchased by a company with no employees and where the owners are exempt from carrying workers’ compensation insurance for themselves. In most cases, business owners buy these policies because a potential client asks to see a certificate of insurance (COI), proving the business has a workers’ comp policy. The…
What Is Commercial Banking?
Commercial banking is a banking term that refers to bank products and services specifically designed to meet the financial needs of corporations, institutions, and government clients, instead of individual clients. Commercial banking products and services include savings and checking accounts, merchant services, treasury services, commercial loans, global trade services, payroll services, and other corporate-related products….
What Are Small Deductible Workers’ Compensation Plans?
Small deductible workers’ compensation plans are policies that help employers better control their insurance costs. By agreeing to a deductible, the employer retains some financial responsibility for claims but gets coverage at a discount. The deductibles for these plans vary from state to state, ranging from $100 to $75,000, but most fall between $500 and…
What Is Automatic Call Distribution? A Beginner’s Guide
An automatic call distributor (ACD), also known as an automated call distribution system, answers and routes incoming calls for flawless customer experiences. Small business owners use automatic call distribution or call routing services to create preset conditions to ensure every caller arrives at the right agent or department. How Automatic Call Distribution Works Most call…
CRM Software: The Basics of Customer Relationship Management Systems
Customer relationship management (CRM) software helps sales teams manage and organize leads, prospects, and current customers to help sales teams make sure nothing slips through the cracks. It includes tools like contact management, advanced reporting, and lead prioritization. Costs range from free to more than $100 per month, depending on the CRM provider and its…
What Is a Subdomain? [Definition + Examples]
Subdomains, such as app.domain.com, are common, and yet, chances are, you’ve probably not really noticed them. Reason being, domains redirect visitors to subdomains and in the process, it’s generally not evident that you’ve switched to a different web address. Officially, a subdomain is part of a site’s Domain Name System (DNS) hierarchy; however, subdomains are…
How to Use the WordPress Sandbox for Payment Processing
Sandbox mode enables you to safely test and experiment with a WordPress installation without affecting your live site. It is most commonly used by web developers to test new code, functionalities, or API versioning. However, the tool is also growing in popularity among businesses looking to test payment gateways for online stores to ensure their…
What Is Foreign Workers’ Compensation Insurance?
For many businesses, daily work means functioning on a global scale with employees stationed remotely or traveling for business. Just like employees working in the United States, these employees need workers’ compensation coverage in case they’re injured while performing work duties. This is where foreign workers’ compensation insurance comes in. How Foreign Workers’ Compensation Coverage…
Credit Card Processing & Average Transaction Fees Explained
Credit cards are the most popular payment method for point-of-sale transactions (39%) and for online shopping (44%). After credit cards, debit cards are the second most popular payment method for in-store (34%) and online (32%) purchases. So, accepting card payments is a must for every business. However, it comes at a cost. Credit Card Processing…